Trial of steel tycoon Ahmed Ezz adjourned to 9 May

Giza Criminal Court has adjourned the profiteering case of businessman Ahmed Ezz, former Industry Minister Ibrahim Mohamedein and five representatives of Dekheila Steel Company to 9 May.

The defendants are accused of seizing shares in the company.

In his testimony, Reda Ahmed Eissa, an accountant, said Ezz Steel Company lost LE5 million annually while the state-owned Dekheila’s profits were increasing. However, after the two companies’ were merged, Dekheila’s profits started to decline, Ezz’s company’s profits increased.

Eissa submitted documents to support his testimony.

Dekheila gained profits of LE23 million in 2002, while Ezz’s losses were estimated at LE125 million, Eissa added. The following year, Dekheila earned LE450 million, whereas Ezz lost LE150 million. In 2004, Ezz gained LE200 million for the first time.

The witness said the businessmen and investors who achieved the highest profits in one year were behind the steel price hike.

The companies targeted profits, he added. They didn’t consider the needs of citizens or the housing market, and caused real estate prices to rise.